2121 Thomas AveSan Diego, CA 92109

This exceptional ten-unit apartment building, located at 2121 Thomas Ave in San Diego's desirable Pacific Beach neighborhood (zip code 92109), presents a lucrative investment opportunity. Built in 1990 and extensively renovated in 2022, this Class B property boasts 6,653 square feet on a 6,468 square foot lot (APN 424-202-04-00). The building features a mix of unit sizes: two studios (approximately 460 sq ft each), five one-bedroom/one-bathroom units (approximately 620 sq ft each), and three two-bedroom/one-bathroom units (approximately 863 sq ft each). The 2022 renovation encompassed a complete overhaul, including new quartz countertops, stainless steel appliances, cabinetry, vanities, custom tile shower enclosures, split heating and air conditioning units, vinyl plank flooring, fresh interior and exterior paint, new staircases and landings, a new roof, waterproof deck coating, and a new 400-amp electrical service with 100-amp individual panels for each unit. Further enhancing the property's appeal, each unit includes its own private laundry, and select units offer private patios and access to rooftop decks with stunning ocean and bay views. All work complies with current building codes and permits (RM-1-1 zoning). The property's strong financial performance is reflected in its $6,795,000 asking price, $287,381 NOI, and 4.23% cap rate. This turnkey asset offers a prime beach market location and exceptional value for investors seeking a high-return property in a sought-after coastal community.